"Too expensive for what it is"

I feel like Ingraham is the street that let's you know that Bushwick is where all the artists live now. It's how I imagined streets in Williamsburg proper to have looked fifteen years ago. Ingraham is a really ugly street. It looks like a string of abandoned warehouses that are actually apartments. There are no trees anywhere. It's pretty sad looking. And, gritty. But, that's how hip people like it, I guess. Because there are all kinds of hip things happening here. There are a lot of trendy, Bushwick bars on and around Ingraham (like Alaska, which I guess is my favorite in the area). And, there is a cafe cum art gallery just up the street. There's a production space here, a music venue . . anything that artists do, you can find it on this wasteland of a looking street.
But, here's the thing I don't understand. It seems like the real estate on this street got a little ahead of itself. Usually, the arty people move to an area because it's cheap. And, then they make the area cool so the area gets expensive and fun. But, it's already not cheap on Ingraham and it's not cool enough or safe enough to warrant the price tag. There's not enough here yet. And, most of the spaces haven't been renovated. There are a handful of restaurants compared to Williamsburg and barely any conveniences. Plus, it's still kind of a sketchy area so if you can afford to live on Ingraham, why would you? It makes no sense.